The Nussir copper project is a former copper-silver-gold operation located in Finnmark, Norway. It is being developed by Blue Moon Metals (BMM), a mineral exploration company based in Canada.
The mine was previously owned by a private company, Nussir. BMM acquired full ownership of the Nussir property in February 2025.
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The Nussir copper project contains two deposits, Nussir and Ulveryggen, of which only the Nussir deposit is currently being considered for development.
A feasibility study completed in April 2026 for the Nussir deposit outlined a 13-year life of mine (LOM) and an initial capital requirement of $184m (C$252.25m).
A final investment decision is anticipated in the first half of 2026, with hot commissioning scheduled to begin in August 2027 and first production targeted for December 2027.
Nussir copper project location
Nussir sits near Repparfjord in Kvalsund, within Hammerfest Municipality in western Finnmark, northern Norway, roughly 1.5km north of the Øyen industrial area and around 1.5km south of the Markoppnes industrial area.
The Ulveryggen deposit is located approximately 3km south of the Nussir deposit.
Geology and mineralisation
The Nussir area lies within the Repparfjord-Komagfjord Precambrian tectonic window, characterised mainly by metavolcanic and metasedimentary rocks that have been intruded by mafic, ultramafic and felsic bodies.
Nussir is regarded as a stratabound copper deposit hosted within sedimentary rocks. Copper mineralisation occurs as a near-continuous horizon extending for around 9km along strike. The western part is dominated by dolomite, while the eastern portion comprises largely calcite-rich sandstone-limestone and medium-to-dark schist with chalcocite and bornite disseminations.
Nussir copper project reserves
The proven and probable mineral reserves at Nussir were estimated at 24.98 million tonnes (mt) grading 0.81% copper, 0.09 grams per tonne (g/t) gold and 10.34g/t silver, with a copper equivalent grade of 0.99% as of April 2026.
Mining and processing
The Nussir copper project is being developed as an underground operation using long-hole open stoping with ribs and sill pillars to support steady production and the designed mill throughput.
The minimum mining width is proposed at 3m and the mining recovery rate is estimated at 95%.
The operation is expected to produce an average of 19,000 tonnes per annum of copper equivalent in the consensus price case, alongside average annual by-product output of 3,600oz of gold and 546,000oz of silver.
Material will be reduced underground using mobile crushers before being conveyed to a surface grinding circuit comprising a semi-autogenous grinding SAG mill and ball mill, followed by flotation.
Concentrate will be filtered using a plate-and-frame pressure filter and stored in a warehouse prior to shipment via the existing port and ship loaders.
Development timeline
In March 2025, BMM secured ship-loading equipment and associated infrastructure linked to aggregate operations, together with the port area and nearby parcels that provide access to the year-round ice-free port at Øyen. Additional export options are available via commercial port facilities in Hammerfest, around 45km away by road.
Underground construction works commenced in June 2025 with the first blast at the portal for the decline access.
BMM has progressed basic engineering and placed orders for long-lead process plant equipment including the SAG mill, ball mill and thickeners. The main power transformer has also been purchased to reduce schedule risk.
In June 2025, the European Commission recognised Nussir as a Strategic Critical Raw Material Project under the 2023 EU Critical Raw Materials Act.
The current development schedule anticipates an engineering, procurement and construction contract award in May 2026, followed by the first concrete pour for the mill building in July 2026.
No-load commissioning is expected in March 2027, with handover to operations planned for April 2027.
Mechanical completion is targeted for October 2027, ahead of ramp-up and the planned start of production in December 2027. Final certification is scheduled for March 2028.
Project financing
In August 2025, BMM entered into a memorandum of understanding with Hartree Partners and funds managed by Oaktree Capital Management covering a project financing package of up to $140m.
The proposal includes a $25m bridge loan to fund early works and broader project needs, with maturity on 30 June 2027, and a $70m redeemable precious metals stream over the LOM covering 70% of payable gold and 75% of payable silver.
The broader package also contemplates up to $50m in a senior secured term loan to be drawn in tranches over a 6.5-year term from closing, as well as up to $20m in equity.
The equity component includes a $5m Oaktree subscription, subject to TSX Venture Exchange approval, priced at C$3.3 per share for 2,092,173 new BMM common shares, and a non-binding follow-on letter of intent for up to $15m, subject to milestones and structured to keep lender ownership below 19.9%.
Site infrastructure
Power is expected to be supplied via an existing 132kV line. Process plant and mine water requirements are due to be met from an existing dam using a buried pipeline already in place.
The project also includes a water treatment plant intended to enable the reuse of underground water in the processing plant, reducing freshwater abstraction, while ensuring any excess water can be treated for controlled discharge during upset conditions in line with Norwegian and EU environmental requirements.
Contractors involved
Engineering services company Worley Europe prepared the project feasibility study.
Norwegian tunnelling and mining services company Leonhard Nilsen & Sønner has been appointed as the mining contractor.
Torys advised Hartree Partners and Oaktree Capital Management in their capacity as lenders to a BMM subsidiary in connection with the $25m bridge facility and the memorandum of understanding for the wider financing package.
